Timberwolves, Lynx owner bolsters Target Center renovation

Each issue the Development Tracker follows construction projects around downtown and Northeast Minneapolis.

Target Center

600 N. 1st Ave.

City of Minneapolis

Glen Taylor, the owner of the Minnesota Timberwolves and Lynx, plans to put in an additional $9 million–$12 million into the Target Center renovation for a new skyway connection, new seats and other improvements. The updated price tag for the project — at least $138 million–$141 million, the team said in a release — won’t affect the contribution from the City of Minneapolis, which is still $74 million. Work on the city-owned entertainment complex is about 38-percent complete and about $41 million has been invested so far, a project manager told a City Council committee in January. The city doesn’t anticipate the additional investments will affect the project’s timeline. Construction work should wrap up this fall after the Target Center shuts down this summer.

Submitted to the City of Minneapolis

Maverick Apartments

100 Hennepin Ave.

Ryan Cos., Shorenstein Properties

Ryan Cos. and Shorenstein Properties have begun leasing a new luxury apartment complex located along a high-profile stretch of Hennepin Avenue. Maverick Apartments is an approximately 160-unit, mixed-use building taking shape between the Gateway District and the North Loop neighborhood. The project includes a six-story building on Hennepin and nearly a dozen four-story townhomes that front 1st Avenue North on the other side of the block. The property will be ready for move-ins in March, according to an announcement from the developers. The main building features a pool, sundeck terrace and fitness center, and the townhomes have private garages and rooftop decks.

HeadFlyer Brewing in the Miller Textile Building. Image courtesy of Ackerberg Group

Miller Textile Building

861 E. Hennepin Ave.

The Ackerberg Group

The Ackerberg Group is nearing completion on renovations to a four-story warehouse building dubbed the Miller Textile Building along Hennepin Avenue in Northeast Minneapolis. The company is updating the nearly 50,000-square-foot complex for new retail and office tenants, having already drawn the soon-to-open HeadFlyer Brewing, Stahl Construction and Nash Frame Design, among others. The project is currently 77-percent leased. Ackerberg started work on the building in late 2015.

Minneapolis Armory

500 6th St. S.

City of Minneapolis

The Heritage Preservation Commission has extended interim protection for the Minneapolis Armory in the Elliot Park neighborhood on the eastern side of downtown Minneapolis. The building is currently undergoing a renovation from Swervo Development to transform it into an event center. Among other improvements to the 1936 building, the developer is planning to build a one-story addition with a rooftop deck along its Portland Avenue side. Prior to the project, the building was used as a parking garage following several failed redevelopment efforts.

File image

The Depot

300 Washington Ave. S.

CSM Corp.

CSM Corp. has submitted plans to the Heritage Preservation Commission to expand the Renaissance Minneapolis Hotel, The Depot by enclosing its surface parking lot to build a 24,000-square-foot addition for more banquet space. Through the project the hotel will be able to host two large events simultaneously. The project, a phase of construction that has been planned for several years, garnered the approval of the Downtown Minneapolis Neighborhood Association in January. Last year, the Depot added more than 100 guest rooms by removing its water park.

419 Washington

419 Washington Ave. N.

CPM Cos., Swervo Development

CPM Cos. and Swervo Development have submitted plans for a new North Loop office building to the Heritage Preservation Commission, which will vote on them in late January. The proposal calls for a 10-story building — though it would technically be 13 stories per the zoning code — to replace a surface parking lot behind the Internet Exchange building. The building would feature a 10,000-square-foot retail or restaurant space along 5th Avenue North and eight levels of parking, including three underground and five above-grade levels for a total of 481 parking spaces. The developers are looking to connect the new construction to the adjacent four-story Internet Exchange building via a skyway.

The Foundry

128 1st Ave N.

Foundry Development

Developer Howard Bergerud is planning a 150-unit apartment building in the North Loop neighborhood, according to a recent City of Minneapolis planning staff report. The developer is planning to demolish three buildings along 1st Avenue North, renovate two buildings — including a historic foundry building—and construct a six-story apartment community. The proposal, dubbed The Foundry, would also include a two-story retail and recreation building, along with two levels of underground parking. The total development cost is estimated at $49.3 million.

Rendering courtesy of Schafer Richardson

@mosphere

700 N. 5th St.

Schafer Richardson

Downtown-based Schafer Richardson will begin leasing a new office development in the North Loop next month, said Maureen Michalski, the company’s director of development. The 11-story @mosphere proposal will add 200,000 square feet to the popular area of downtown Minneapolis, in addition to 4,500 square feet for street-level restaurant or retail tenants. The office building would have a fitness center, locker rooms and a bike storage/maintenance facility for tenants. The developer has not disclosed any leases related to the project.

Submitted to the City of Minneapolis

Nordic House

729 Washington Ave. N.

United Properties

The City Council’s Zoning & Planning Committee has withdrawn an appeal from John Braun on behalf of the Herschel Lofts Homeowners Association regarding a new 10-story office and retail building in the North Loop. United Properties is planning to construct a mixed-use building with 184,000 square feet of office space, 15,000 square feet of retail space and 408 parking spaces in place of a large surface lot in the neighborhood, according to plans submitted to the Heritage Preservation Commission late last year. The appeal noted several aberrations from the Minneapolis Historic Warehouse District Guidelines related to the project’s proposed skyway connection and vehicular access. The project has already garnered an office tenant. Ovative Group, a downtown-based digital marketing and analytics firm, will occupy 30,000 square feet in the building.

Boom Island Bridge

501 Ramsey St. NE

Minneapolis Park and Recreation Board

The Minneapolis Park and Recreation Board is moving ahead with the rehabilitation of the Boom Island-Nicollet Island Bridge in the Nicollet Island-East Bank neighborhood. The largest piece of the $1.5-million renovation would be replacing the bridge’s timber deck and installing new precast concrete deck panels, which would require less maintenance and save the board $4,500 annually. The board also seeks to update the bridge’s lighting, bearings and railings, among other changes. About $1.1 million to $1.2 million of the project’s price tag would go toward construction. The Heritage Preservation Commission will take up the proposal in late January.